Day 3 Morning 1. Attendance/Recap/Questions 2. Guest Speaker: Paul Hickman, Founder and CEO of Urban Ashes 3. Ted Talk Video: Simon Sinek’s the importance of WHY. 4. Business Mission Statements "Stop chasing the money and start chasing the passion." -- Tony Hsieh

Simon Sinek Ted Talk http://www.ted.com/talks/simon_sine k_how_great_leaders_inspire_action?la nguage=en What resonated with you from as you watched the Ted Talk? What does the Why have to do with business?

Mission Statement Clearly answers four of four questions Who we are? Mission statement is one to two sentences. Includes name of business at the beginning of the statement. Does not repeat business name within statement. Entrepreneur articulates purpose of business through concise, thoughtful and inspiring language. Does not include the terms anywhere in statement: I, We, My business Clearly answers four of four questions Who we are? What we do? Why we do it? Who we do it for?

Mission Statement Examples McDonalds: McDonald's brand mission is to be our customers' favorite place and way to eat and drink. Our worldwide operations are aligned around a global strategy called the Plan to Win, which center on an exceptional customer experience – People, Products, Place, Price and Promotion. We are committed to continuously improving our operations and enhancing our customers' experience. Nike: Nike’s mission statement is "To bring inspiration and innovation to every athlete* in the world." Amazon: "To be the most customer-centric company in the world, where people can find and discover anything they want to buy online.“ PaceMe is a standardized testing watch that instills confidence in test takers by giving them a convenient tool to keep them on pace, in order to reduce test day stress.

Craft your own Mission Statement Craft your own mission statement individually. Then, get into your groups, and share your mission statement. Settle on or create a final mission statement for your business.

Day 3 Afternoon 1. Attendance/Recap/Questions 2. Guest Speaker: Paul Hickman, Founder and CEO of Urban Ashes 3. Ted Talk Video: Simon Sinek’s the importance of WHY. 4. Business Mission Statements "Stop chasing the money and start chasing the passion." -- Tony Hsieh

Mission Statement Share Out Choose one member of your team. They will go to each team and share your mission statement. Then the listening team will provide feedback. What worked? What could be better?

Evaluating an Opportunity The feasibility of an idea refers to how possible or worthwhile it is to pursue it, to see if it is actually an opportunity. Three methods for determining the feasibility of business ideas are: Cost/Benefit Analysis. This is the process of adding up all the expected benefits of an opportunity and subtracting all the expected costs. If the benefits outweigh the costs, the opportunity may be worthwhile. Opportunity-Cost Analysis. An opportunity-cost analysis examines the potential benefits that you forfeit when you choose one course of action over others. SWOT Analysis. This is a business evaluation method that draws its name from the four areas it evaluates—Strengths, Weaknesses, Opportunities, and Threats.

Before your students begin their own SWOT analyses, point their attention to this poster. It is the same example as in the book but by having it on your wall it can be a constant reminder to students. You can go through different business examples as well and compare it to this one or have students come up with examples as review.

SWOT Class Example: STRENGTHS WEAKNESSES OPPORTUNITIES THREATS

SWOT Analysis

SWOT Research and Creation Each member of your team should focus on a specific area (strengths, weaknesses, opportunities, and threats) Research your area, and on the back of your large team banner create and fill out your SWOT chart. These will be presented!

SWOT Presentation Each member should present their part of the SWOT analysis. As a group, please take no more than 4 minutes to complete your presentation!

Business Plan Work Time and Homework I will send out the Written Business Plan document. Have one team member change the document name and share it with your team! You have the remaining of class to complete the Written Business Plan Sections 1.1 – 1.3 Please make sure it is entirely done by tomorrow at 8 AM.